All Forum Posts by: Jim Erickson

If the MLS stated the the square feet listed is "AS PER PUBLIC RECORD", you probably should have performed your due diligence and found out what it was.

Usually during a purchase transaction, an appraisal is performed that will have more accurate sq ft numbers.

Mpls RE Investors Assoc, Joel Schewe, Byerlies Ridgedale community room, 1st & 3rd Friday 8:30 PM, 40 members, [email protected], 612-387-6258

Contact a local title company. They should give you idea of what your expected closing costs should be.

Write a check to Uncle Sam for $250,000.

I am not the employee. I was just inquiring as to an economical way to handle payroll via software or payroll service.

Will be purchasing commercial property and will have one employee at the start and hopefully will grow the number of employees in 2-3 years. I would like to do payroll as easy and quickly as possible. I know there are payroll services out there for around $100 per month which is high for one employee.

I will be using cash accounting method for this business. I already use a single entry accounting software program for my other (cash accounting method) business (no employees).

Any suggestions?

Would anyone like to share positives or negatives for this senario.

Motels are placed under LLC. Business arm is under S Corp. LLC leases the motel real property to the S corp.

Since the fall of 1996, Federal law requires that buyers and renters receive known information on lead-based paint hazards during sales and rental of housing units built prior to 1978. Buyers and renter should receive specific information on lead-based paint in the housing as well as a Federal pamphlet. Sellers, landlords and their agents are responsible for providing this information to the buyer or renter berfore sale of lease.

What the law is saying is that if a home was built prior to 1978, a disclosure must make the buyer or renter aware that this property could have lead-based paint since those paint products were available then. The seller must disclose if they are aware of lead paint or not aware. A contingency should be added to the purchase contract or lease that allows the buyer/renter to have the property tested for lead paint at the buyers/renters cost before purchase or lease is finalized.